App-O-Rama adive?

[Watchmann]

The road to failed businesses is littered with 'can't lose' ideas.  You have no idea what might befall your families business, what the economy might do, an illness, or a thousand other things.  I would never put borrowed personal funds into a business unless there was absolutely no other way to do it, and even then I'd have to think twice about it.  If the rate of return is that great put together a business plan and get a bank loan.  Even if you have to pay 8% or so it would be better than doing what you are proposing.

[MsKiwi]

---

zachst wrote:
Well the real reason im doing this is to invest it in my family wholesale business where i also work. If i throw in 40-50k in inventory. I could get 50-70% return on my investment in about 6-10months. So even with fees I come out way ahead. I also want to get all the major cards before FICO 08 goes in place and my major AU card falls off. I wont be applying to any major loans for atleast 2 years. So inquires will not affect me. So how many cards would be ideal? Also Can I use the BT check to pay my suppliers or send to my bank? Thnx for the input

---

Try to get a small business loan instead. I'm afraid you'll end up filing bankruptcy if you carry out this plan.

[marty56]

Using Personnel credit to invest in a business is always a bad idea.

[Anonymous]

Well i understand everyone's concerns. But from the last 8 years I haven't seen a loss on a principle amount of a inventory investment. Also I plan on using 50-70% utilz. So I dont plan on maxing out my cc's where the banks might CLD or Close my accnt. Even if they did, It would be cards i would never have if i didnt do the AOR. I can always apply for the cards again when i pay off balance. I'm also gonna add my 1-2 joint accnts of my parents so my average age of accounts will go up and my utilz. should drop because these are 10-15k limit cards. I'm not gonna use them, Just to make my report to look better. It's only 40-50k. I'm not gonna go bankrupt because of it. My income in enough to support the payments anyways. I'm not gonna ruin my credit for a measly 40-50k. Plus, You need to take risk in life to expand. With this plan i will be one step closer into make triple digits a year.

Message Edited by zachst on 06-23-2008 06:24 AM

[Anonymous]

I am going to apply for mostly business cards, So they cannot show on personal report thus the balances on these cards won't affect my utilz. on my report. Also they generally give out higher CL.

[thrasher865]

---

zachst wrote:
With this plan i will be one step closer into make triple digits a year.

---

I wish I could make triple digits a year!  One year I managed to scrape together a salary of $93 working in a local tienda, but the hacendado took most of that

[Anonymous]

zachst wrote:

I'm gonna go bankrupt because of it.

I know this isn't what you intended to say, but it does come across as a bit Freudian.

All I can say is that we tried to warn you.  You apparently have your mind made up, so if you won't listen to reason, then good luck to you.  I hope it works out.

[Anonymous]

thnx for catching the typo.

[ficonovice]

zachst,

Did you say it's only a measly $40K-$50K? When you ONLY make $60K-$70K? I would say measly would be something more in the realm of 1%-5% and even then it's still real money, not monopoly money....and util above 50% in this climate isn't good...

Good luck--keep us posted!

Message Edited by ficonovice on 06-23-2008 07:42 AM